TORONTO, ONTARIO (October 22, 2010) – Petrolympic Ltd. ("Petrolympic" or the "Company") is pleased to announce that it has retained the services of Cutler Consulting ("Cutler Consulting") to strengthen the Company's investor relations and communications to its shareholders and investors.

"With a strong land position and proven track record, Petrolympic is ready to present to key players in the brokerage and analyst community. Cutler Consulting can put us in front of the right people and will be an integral part of our investor relations team," said Mendel Ekstein, President and CEO of the Company.

In consideration of the provision of the services, Cutler Consulting will receive a fee of CDN$5,000 per month for a period of 12 months. In addition, Petrolympic will grant 100,000 stock options to purchase common shares in the capital of the Company exercisable over a five year period following the grant date, at an exercise price of $0.20 per common share, subject to regulatory approval. The stock options will vest in stages over the 12 month period following the grant date. The agreement between the Company and Cutler Consulting may be cancelled given 15 days written notice by either party.

Cutler Consulting does not hold any interest, direct or indirect, in the Company or its securities, or any right or intent to acquire such an interest.

About Petrolympic Ltd.

Petrolympic is a junior oil and gas company that is actively exploring for premium light crude oil and natural gas in Quebec, Canada. The Company combines significant land positions, promising geology, systematic exploration, accessible infrastructure, and experienced management.

Petrolympic holds an interest in a total 754,216 hectares (1,863,668 acres) of oil and gas exploration permits in the Appalachian Basin of Quebec that include holdings in the St. Lawrence Lowlands and Gaspe Peninsula. The Company's holdings in the St. Lawrence Lowlands are a 30% interest in 217,370 hectares (536,941 acres) through a joint venture with Ressources & Energie Squatex Inc. ("Squatex"); a 12% interest in 8,000 hectares (19,768 acres) through a Farmout Agreement with Canbriam Energy Inc., as well as a 100% interest in 56,622 hectares (139,913 acres) located over the Lowlands shallow carbonates platform on the south shore of the St. Lawrence River, less than 30 kilometers southwest of Montreal. These properties represent a major position in the Utica-Lorraine and Trenton-Black River Plays. Petrolympic also maintains holdings in the Gaspé and Bas-St. Lawrence regions, including a 30% interest in 431,339 hectares (1,065,839 acres) through a joint venture with Squatex and a 100% interest in a block of exploration permits totalling 40,885 hectares (101,029 acres) located between Rimouski and Matane prospective for hydrothermal dolomite hosted light oil.

For more information visit www.petrolympic.com.

Forward-Looking Statements

This press release includes certain "forward-looking information" within the meaning of the Securities Act (Ontario), including, but not limited to, statements as to timing and extent of exploration programs and the availability of exploration results. As such, forward-looking information addresses future events and conditions and so involves inherent risks and uncertainties, as disclosed under the heading "Risk Factors" and elsewhere in Petrolympic documents filed from time to time with the Ontario Securities Commission and other regulatory authorities. Actual results could differ significantly from those currently projected as a result of, among those factors, adverse weather, regulatory changes, delays in receiving permits, accidents and delays in completing exploration activities not all of which are in the control of Petrolympic. The forward-looking information contained herein is Petrolympic's reasonable estimate today of future events and conditions, but no assurance can be given that such events or conditions will occur. The reader is cautioned not to rely on these forward-looking statements. Petrolympic disclaims any obligation to update these forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this news release.